Consumers Begin To Prioritise Debt Repayments Over Saving

Unbiased.co.uk has revealed that consumers are changing their attitude to borrowing and saving in response to the final pressures of the recession. The report revealed that in the second quarter of 2010 consumers paid off 7 pence of debt for every pound saved, which was in contrast with the first quarter of 2009 where consumers borrowed 66 pence borrowed for every pound saved.

Karen Barret, chief executive of unbiased.co.uk, says “Brits appear to have shifted their financial habits to reflect those seen at the height of the credit crunch, with debt repayment top of the priority list”.

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